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A few years ago, a new online insurer appeared. Found at www.ticketfree.org, the insurer offered, for a price, up to $500 of coverage against speeding tickets.
a. Who has more valuable information in this potential transaction, the buyer of speeding ticket insurance or the seller?
b. Explain why the existence of information asymmetries creates an adverse selection problem in the market for speeding ticket insurance.
c. What is likely to happen to the behavior of both faster and slower drivers once they have purchased speeding ticket insurance? What is this kind of problem called?
d. Ticketfree.org is no longer in operation. Use your answers to (b) and (c) to explain why.
The Price of Tattoos. According to a market expert, tattooing in your city is a constant-cost industry. The initial equilibrium price is $24.
When might it be a bad idea to use the PPP theory in this way?
Compute the co-ordinates for the new economy and plot the new PPF.
These data were used to build a multiple regression model to predict the job performance of new hires based on age and GPA. The results of the analysis are shown below. Regression Analysis: Job Performance versus Age, GPA
(Case Study: Banking Troubles in Japan) Discuss problems with the banking system in Japan. In what ways are they similar to U.S. banking problems in the late 1980s and early 1990s? What is the current status of bank restructuring in Japan?
a) If each security guard is paid $200 a week and the cost of a stolen radio is $25, how many security guards should the firm hire b) If the cost of a stolen radio is $25, what is the most the firm would be willing to pay to hire the first secuirty ..
The seller, Ryan Miller's mom (who is a monopolist, at least with respect to these consumers, and can "produce" enough quantity to meet demand), has to determine her pricing strategy, and whether to sell the goods separately or as a bundle. Her ma..
Go to Table B-2 of the Economic Report of the President and collect data on real GDP and real gross domestic investment for the period 1992 to 2000. Calculate investment as a percentage of GDP for each year. What happened to investment over the pe..
What do these costs have to do with the viability of large and small groups?
Describe the role that networking can play in your professional life.
One of the characteristics of some developing economies is the relatively low level of trust of people outside one's extended family. How might the models explored in this chapter shed light on this problem?
Notifying the recipients that second requests will be mailed if they fail to respond in a timely manner.
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